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The Daily. Friday, March 22, 2002 Local government finance: Assets and liabilitiesDecember 31, 1999The net debt (the excess of liabilities over financial assets) of local governments reached $12.5 billion at December 31, 1999, down $3.5 billion (-21.7%) from December 31, 1998. Financial assets stood at $39.8 billion, and total liabilities were $52.2 billion. In 1989, the net debt of local governments was $19.6 billion. It peaked in 1993 at $23.5 billion, then gradually declined until 1999. The is due mainly to the forgiveness of loans to local governments in Alberta and British Columbia. Among the provinces, Quebec's local governments had the highest net debt - $12.7 billion at December 31, 1999, down 16.1% from its 1997 peak. Ontario, Saskatchewan, British Columbia, Yukon and Nunavut were in a surplus position. These statistics are based on the actual data released in the annual reports of municipalities and school boards as well as provincial and territorial governments' reports dated December 31, 1999 and converted to Statistics Canada's Financial Management System. Note: The Financial Management System (FMS) provides a standardized presentation of government accounting for the federal, provincial and local governments in Canada. Individual governments' accounting systems are not directly comparable because the policies and structure of governments differ. The FMS adjusts data from governments' Public Accounts and other records to provide detailed data that permit inter-government comparisons as well as compatible national aggregates that are consistent over time. In other words, FMS statistics may not accord with the figures published in government financial statements. A reconciliation statement of the two presentations is available. Available on CANSIM: tables 385-0014 and 385-0017. Data are available by custom and special tabulation. For more information, or general inquiries on the products or services of the Public Institutions Division, contact Joanne Rice (613-951-0767; joanne.rice@statcan.gc.ca). For more information, or to enquire about the concepts, methods or data quality of this release, contact Andy Gareau (613-951-1826) or Robert Larocque (613-951-1836), Public Institutions Division. Excess of financial assets over liabilities
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